Marci Birx, age-59, is single and has no dependents.Marci had the following relevant transactions for 2019:
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Marci Birx, age-59, is single and has no dependents. Marci had the following relevant transactions for 2019:


Wages as Walmart greeter                                                                               $17,000

Interest income from local bank                                                                          1,450

Qualified dividends                                                                                               1,155

Loss on sale of Tandem Diabetic stock (held from

 11/10/2017 to 10/31/2019)                                                                            -3,100

Federal income tax quarterly deposits (total)                                                  11,500

Itemized deductions                                                                                            11,925

                                                                                                        Single

                                                                                                       Family

RENTAL OPERATIONS                                                                  Home                Duplex           

Rental income                                                                       $31,900              $29,200

Interest expense                                                                      11,800               11,200

Property taxes                                                                           1,650                  6,366

Maintenance                                                                                 440                     560

Insurance                                                                                   1,260                  1.465

Depreciation-Building (Line 17, Form 4562)                         2,495                  2,845

Depreciation-Appliances (Line 17, Form 4562)                            0                          0


SALE OF RENTAL RESIDENCE

Sales price (November 27, 2019)

  Land (line 2, Form 4797)                                                                                $ 72,000

  Building (line 19A, From 4797)                                                                        48,000

Cost (October 18, 2010)

 Land                                                                                                                   $ 38,000

 Building                                                                                                                40,000

 Depreciation allowed (including 2019 depreciation)                                       8,898


SALE OF APPLIANCES WITH RESIDENCE See Daily 9, Problem D

Sales price (line 19B, From 4797)                                                                      $ 2,500

Cost (October 18, 2014)                                                                                         9,000

Depreciation allowed                                                                                             9,000


Complete Form 1040 with the appropriate Schedules and Forms for 2019 for Marci Birx.


Minimum forms required:

  Form 1040, Schedule 1, Schedule 3

  Form 1040, Schedule B, Schedule D, Schedule E.

  Form 4562, Form 4797, Form 8949 (Optional), Form 8995 (optional).


Hints:

Claim the QBI deduction for the rentals (i.e., the rentals qualify as a trade or business).  

Subject: Accounting, Business

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